New research has shown that the French Riviera and Monaco rank highest for the most expensive properties above €3.4 million, confirming it as the most prestigious property pocket in the global market.
Research by high net worth mortgage broker Enness Global has looked at the current cost of purchasing in the global prime market, across the world’s most sought after property playgrounds of the super-wealthy.
Enness analysed data from over 35,000 current property listings at €3.4 million and above to reveal the average cost of a property purchase in 17 of the go-to destinations for high net worth (HNW) homebuyers in the current market.
The research shows that the French Riviera is currently the most premier property destination in the global prime market, with the average high-end property for sale in the Côte d’Azur currently worth just shy of €21.4 million.
Monaco comes in second with an average asking price for top-tier property of €16.5m. It’s also the only other premier property destination where property values currently sit comfortably above the eight-figure price threshold.
“Reputation is everything when it comes to the property preferences of the super-wealthy and they don’t get much stronger than the Côte d’Azur and Monaco,” said Managing Director of Enness Global Mortgages, Hugh Wade-Jones. “This reputational strength has resulted in a sustained level of demand from high net worth homebuyers and properties in both locations remain some of the most sought after in the world. As a result, asking prices remain robust despite the wider turbulence caused by Covid.”
Mallorca (€10.8m), Barbados €10.7m and Tuscany (€10m) are also home to some of the highest average asking prices in the €3.4m+ market, as well as the French Alps (€9.6m), Ibiza (€9.2m) and Valais (€8.9m).
Dubai joins Monaco in the top 10 as the only other prime global city destination with an average property price of €8.4m, while the Maldives (€8.3m) completes the top 10.
In contrast, the Loire Valley provides the most affordable option for global HNW homebuyers at present, with the average price of property in the region coming in at €3.6m in the current market.